Cryptic ball: just hope.
Oh, yes, we're finally getting that pump I've been talking about since Monday, with yesterday's alt pumps leading the way for bitcoin and ether. Now it's time to understand where this move can lead us, always one step at a time.
- Firstly, remember patience pays off in trading. As anticipated in the last newsletter, NEAR did come back to $11.9 and jumped an extra 5% from there. AXS is leading the day, with a +15% pump, although the average coin just moved in tandem with BTC and ETH, appreciating roughly 2.5%.
- Secondly, bitcoin finally conquered $43k in the past hour, jumping on significant volume. The original cryptoasset is now approaching another key area of resistance, between $44.5k and $45.5k - as you can see below, this was where all advances of 2022 were mercilessly crushed back in February.
- The silver lining is that BTC is above the 100-day moving average for the first time since December 3rd! This is excellent news, as trend followers assign plenty of importance to this simple, yet effective indicator. However, recovering the 200-day MA, currently at $48.5k, would mark the real breakthrough.
In any case, if you want spectacular returns you can't wait for the trend to be up and running to finally get in, right? Although caution is necessary, and patience for the right entry is always of the essence, remember that it would take a lot to make 2022 worse than it currently is, and most of the bad stuff is priced in. Or so I hope!
Chart art: just 111 days.
Three things: just "the" merge.
- If you want to understand crypto in general and pumps and dumps in particular, check the original essay on "The Game of Deception".
- If you want to learn some tips on how to do research in crypto, check Miles Deutscher fresh guide.
- If you want to trade around Ethereum's "merge" upgrade and its strong narrative, check ABTestingAlpha's thoughts.